Regulatory Alerts2005-02-16 | ПҚ-10Added · Updated
On Measures for Further Development of Housing Construction and the Housing Market
The President of Uzbekistan approved the merger of "Uyjoyjamg'armabank" and "Zamin" bank to establish "Ipoteka-bank," a specialized commercial mortgage bank tasked with introducing preferential long-term mortgage credit systems for individual housing construction, assisting builders, and attracting foreign investment. The decree mandates that relevant ministries and agencies draft legislation and regulations regarding mortgage lending within three months, while regional authorities must develop organizational and technical measures for housing development by 2010. Additionally, income from the sale of mortgaged property and mortgage loans by commercial banks is exempted from profit tax until January 1, 2010.
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